Vietnamese law firm Indochine Counsel has advised THACO Group on its agreement with South Korean railway manufacturer Hyundai Rotem Company on the technology transfer and localisation of metro rolling stock in Vietnam.
Managing partner Dang The Duc led the deal team with the support of partner Dang Hoan My and associate Ngo Dang Loc.
The firm’s IP and technology practice was also involved, comprising senior associate Thai Gia Han, associate Vu Hoang Ha Thu and junior associate Nguyen Trung Nghia.
The agreement marks the latest collaboration between THACO Group and Hyundai Rotem in relation to the Vietnamese government’s push to develop the country’s urban, inter-regional and high-speed rail systems. The amount was not disclosed.
In August 2025, the parties signed a memorandum of understanding to develop Vietnam’s railway industry, followed by a localisation agreement in December 2025, establishing a long-term co-operation framework covering technology transfer, human resource training, supply chain development, and locomotive and rolling stock manufacturing in Vietnam.
On 23 April 2026, THACO Group and Hyundai Rotem signed a contract for the supply of 162 locomotives and carriages for urban railway projects in Ho Chi Minh City.
